LAUNCHub Ventures secures €65 million first close for third fund
LAUNCHub Ventures has raised €65 million for the first close of its third fund, targeting over €75 million.
LAUNCHub Ventures has secured €65 million in commitments for the first close of its third fund. The Sofia-based pre-seed and seed venture capital firm simultaneously promoted Raya Yunakova and Petar Tsachev to the role of General Partner.
Fund III backing and investment strategy
Fund III has attracted backing from a mix of international institutions and regional entrepreneurs. Commitments came from the European Investment Fund, the European Bank for Reconstruction and Development, numerous family offices, and more than ten founders from LAUNCHub's own portfolio who have exited their companies. The fund is also supported by the European Union’s NextGenerationEU programme, with additional backing from the Bulgarian and Romanian governments via their national recovery plans.
The fund is targeting a final size of over €75 million. Initial ticket sizes will range from €300,000 to €3 million. The firm can lead or co-lead funding rounds of up to €7 million and has reserved capital set aside for follow-on investments at the Series A stage.
Firm’s track record and Fund III deployment
Founded in 2012, LAUNCHub Ventures focuses on Central and Eastern Europe and South-Eastern Europe, including the region's diaspora. Across its first two funds, the firm has backed nearly 100 companies and achieved 18 exits. These include the acquisitions of SPLX by Zscaler, FITE by Triller, and OfficeRnD by Blue Star. The firm states that close to 40% of its pre-seed and seed investments reach Series A, and that 75% secure follow-on funding.
Portfolio companies have collectively drawn over €700 million in subsequent capital from international investors like Founders Fund, Sequoia, Index Ventures, and Insight Partners. Notable companies in its portfolio include Ampeco, FintechOS, Colossyan, Giraffe360, Veridion, and Ferryhopper.
Fund III is already deploying capital. It has led initial investments in three AI-focused startups: Nanogram, an AI-powered social gaming platform; Lenz, a verification layer for AI-generated content; and 1Club, an AI-native software platform for the sports industry built by the team behind OfficeRnD.
Leadership continuity and market context
The firm's founding partners-Todor Breshkov, Stanislav Sirakov, Rumen Iliev, and Irina Dimitrova-all remain in leadership roles. General Partner Stanislav Sirakov noted that the regional market is now much more mature and sophisticated than it was five or seven years ago. He also acknowledged fundraising challenges, citing the limited number of large private investor groups in the area and the fact that most family offices are still first-generation.
The firm has expanded its team alongside the new fund. Vedran Blagus was added as an Associate Partner to cover Croatia, Slovenia, and the Western Balkans from Zagreb. Nikoleta Popkostadinova joined as Head of Marketing. Venture partners Lyuben Belov and Stephane Gantchev continue in their roles.
The International Finance Corporation, which backed LAUNCHub’s second fund, is considering joining the second close of Fund III. The firm now has more than €100 million under management across all its funds. With Fund III, LAUNCHub Ventures plans to make around 25 early-stage investments over a five-year period.
